Within the last seven years, the rate of premium for health insurance has increased by 6 times. The increase in insurance claims in the Kovid epidemic led to a higher increase in premium.
While the awareness about health insurance has increased among consumers due to the COVID pandemic, on the other hand, increasing insurance premiums are making it difficult to buy a policy, especially for senior citizens, retired workers. Insurance premium has increased by 6 times as compared to the year 2015-16.Insurance companies are citing the increase in premiums due to increase in insurance claims in the last two years.
Insurance rates have been fixed in two categories for retired bank employees.Separate sum insured and premium has been fixed for employees and officers.In the year 2015-16, medical insurance of Rs 3 lakh for retired bank employees and Rs 4 lakh for officers was fixed.Also, the premium was fixed at Rs.4930 and Rs.6573 respectively by negotiating with the insurance companies.GST was payable on this at Rs 690 and Rs 920 respectively.In all, employees had to pay a premium of Rs 5620 and officers 7493.
This premium increased by 6 times in the financial year 2020-21.The extent is that GST has to be paid in 2021-22 more than what was the basic insurance premium in the year 2015-16.Now the employees have to pay a basic premium of Rs 28 thousand 715 and GST of Rs 5269 i.e. Rs 33 thousand 884 and officers have to pay Rs 43 thousand 249 along with basic premium of Rs 36 thousand 652 and GST of Rs 6597.
In the year 2022-23, insurance companies have indicated to increase the premium rate by 15 to 20 percent.If this happens then buying medical insurance will become difficult for common citizens especially retired employees.
Bank organization wrote a letter to the Union Finance Minister
CH Venkatachalam, general secretary of All India Bank Employees Association has written a letter requesting for reduction of medical insurance premium and GST of senior citizens.In this sequence, Organization Minister of All India Bank Retirees Federation, Sunil Srivastava said that in the interest of senior citizens, the government and bank management should subsidize the insurance premium and GST should not be charged on the premium.
DN Trivedi, Joint Secretary, All India Bank Officers Association, said that a letter has been written to Finance Minister Nirmala Sitharaman for not charging GST on medical insurance premium by bank unions.Apart from this, the United Forum of Bank Unions will also take up this issue in the proposed talks with the All India Bank Association.
